All property managers are not created equal.
Just because someone is a property manager or landlord doesn’t mean they’re good at it. Often the bad ones lack an understanding of the nuances involved. It’s a job that goes far beyond collecting rent and calling a repair man. You have to have care, compassion and attention to detail. Without it, the foundation – both literally and figuratively – can begin to crack. Luckily, it’s never too late to start on the right path. Here are the top property management tips from Ali Safavi Real Estate.
Keep It Sexy
Expert, tailored landscaping and interior renovations are a win-win for tenant and landlord. Keeping the outside nice is going to add to curb appeal – making current tenants happy while drawing attention from potential renters. The same goes for the inside. The stress of filling vacancies can be eliminated when the unit sells itself. The more you do to keep it pretty and updated, the easier your life will be.
There will be problems with the units. Plumbing, cracks, rodents, bugs, air conditioning, heating – the list goes on and on. A good property manager can’t see these as a burden. Fixing problems quickly is an essential part of the job. When tenants feel taken care of and appreciated, they’ll repay you with longevity and respect for the property.
There are a number of ways to say “thank you” to good tenants. Some property managers write letters expressing their appreciation for things like keeping the property clean, on time rent, and reporting repair issues. At Ali Safavi Real estate we will even give gift cards to great tenants. Small gestures go a long way in keeping your building packed with high quality renters.
Four Legged Friends
Pet owners can have a hard time finding an apartment, which means opportunity for you. Allowing pets will open the door for a wider pool of potential tenants. This will fill your vacancies faster and allow for an extra stream of income from pet fees.
Be Transparent About Rent
If you manage a non-rent controlled building you may feel temped to squeeze every dollar out of the unit by raising prices. Don’t. Never increase rent more than market value. Make rent increases as transparent as possible – meaning spell it out in the contract Avoid large jumps that could push a tenant out. If you absolutely have to, make sure they have plenty of notice. Don’t just go by the law, people need to be prepared for a move.
Know The Area
Be a neighborhood expert. The biggest reason is so that you can price your units correctly. But you should also know about crime, schools, shopping an entertainment. The more informed you are, the better asset you’ll be to your tenants.